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Recent Study on Bitumen Market: 2018 Global Industry Status, Segment by Region, Type and Future Forecast until 2023 | 360 Market Updates

Bitumen

Bitumen Market (2018 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The Bitumen market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.

Bitumen Market report is anticipated to register a CAGR of 4% over a five years forecast period (2018 – 2023).”

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List of Major Key players operating in the Global Bitumen Market are –

  • Bouygues S.A.
  • British Petroleum
  • China Petroleum and Chemical Corporation
  • Exxon Mobil Corporation
  • Icopal Group
  • Indian Oil Corporation
  • JX Nippon Oil & Energy Corporation
  • Kraton Corporation
  • Marathon Oil Company
  • NuStar Energy
  • Nynas AB
  • Petroleos Mexicanos
  • Shell Bitumen
  • Suncor Energy Inc.

The bitumen market is expected to witness a CAGR of 4% during the forecast period of 2018—2023, driven by the increasing road construction projects, and other domestic & commercial projects, mostly in the Asia-Pacific region. Besides this, the demand for bitumen from the adhesives industry to produce bituminous adhesives, used for waterproofing, flooring, etc., is expected to generate further demand in the bitumen market in the coming years.

Increasing Road Construction Projects Driving the Market

Asphalt bitumen is widely used as the binding organic material, which is made from the by-products of refined crude oil. Asphalt bitumen is used in road construction as it is easy to produce, reusable, non-toxic, and a strong binder. The road construction sector has been witnessing a strong growth, mostly in Asia-Pacific and Europe, which has been driving the demand in the bitumen market. In Europe, the road building market is expected to have a strong growth up to 2019. In Asia-Pacific, emerging countries, like India, Japan, Indonesia, Vietnam, Philippines, etc., are expected to witness an increase in the demand for bitumen during the forecast period, owing to the numerous government initiatives in the region for developing and improving public infrastructure.

Road Construction to Dominate the Market

By application, road construction is expected to dominate the market demand for bitumen. Recently, China has come up with China’s Belt and Road Initiative (also known as New Silk Road), which aims to connect Asia, Europe, and the Middle East & Africa with a vast logistics and transport network, using roads, airports, railway tracks, ports, pipelines, transnational electric grids, and even fiber optic lines. Besides this, the government has been investing substantially in infrastructure development, which is expected to make road construction a dominant segment among its applications.

Asia-Pacific – A Potential Market

Asia-Pacific is projected to dominate the bitumen market, globally during the forecast period, owing to the booming construction industry and increasing public infrastructure projects in the region. India in its 2018 budget, allotted INR 21,453.42 crore out of INR 71,000 crore budgetary allocation to the Highways Ministry for work under the road wing. It includes expenditure on development of National Highways, including projects relating to expressways, two-laning of highways, under the National Highways Development Project, six-laning of crowded stretches of the Golden Quadrilateral, a special programme for the development of road connectivity in Naxal affected areas, development of Vijaywada—Ranchi road, and for providing last mile connectivity. In February 2018, Philippines and Japan signed a YEN 9.4 billion loan for the construction of the third phase of a road project in Bulacan. China, on the other hand, is developing New Silk Road, for which the country has already built railway lines between Addis Ababa & Djibouti, Nairobi & Mombasa, and is likely to start projects in Uganda, Rwanda, and the Democratic Republic of Congo in the near future. With such development projects, the demand for bitumen is expected to be the largest in the Asia-Pacific region, followed by Europe.

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Scope of the Report:

The report analyses Bitumen market, which includes –

  • Analysis of the growth of Bitumen market in global and regional level including Asia-Pacific, Americas, and EMEA.
  • The report provides Bitumen market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
  • The report offers country level Bitumen market volume and value by end-user segment for the period 2012-2023.
  • Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Bitumen market are discussed.
  • The report provides competitive landscape at country level for the year 2018. It also covers key policies and initiatives, key deals, and key upcoming projects.

Highlighted points of Bitumen Market Report:

  • Varying dynamics of the Bitumen industry.
  • Prospective changes in sales volumes and worldwide share growth in upcoming years (2018-2023).
  • Bitumen market report recognizes the key drivers of growth and challenges of the key industry players.
  • Competitors profiles along with product description, overview, and business data.
  • A complete analysis of market risks, opportunities, limitations, and growth of the market.
  • Market driving and restraining factors.
  • Delivers information on the historical and current market size and the future potential of the market.
  • Bitumen market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.

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Reasons to Purchase Bitumen Market Report:

  • The report analyses how stringent emission control norms will drive the global Bitumen market.
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
  • Study on the product type that is expected to dominate the market.
  • Study on the regions that are expected to witness the fastest growth during the forecast period.
  • Identify the latest developments, market shares and strategies employed by the major Bitumen market players.
  • 3 months’ analyst support along with the Market Estimate sheet (in excel).

In this study, the years considered to estimate the market size of Bitumen:

History Year: 2013-2017
Base Year: 2017
Estimated Year: 2018
Forecast Year 2018 to 2023

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